Mark Cuban, billionaire philanthropist, head of cable network AXS TV, owner of the NBA’s Dallas Mavericks, and co-star of ABC’s hit show Shark Tank has 5 excellent tips for people starting or looking to start, a business.
1. Be Financially Minded
Cuban believes that little money should be spent on oneself when looking to start a business. In other words, don’t let a focus on material possessions overtake you’re the financial obligations that you have for your potential business. When starting a business, Cuban believes that you should start by building a financial cushion. Cuban says you should stay away from accumulating credit card debt, avoid purchasing unnecessary luxury items, and start building sizeable savings.
2. Be Empathetic
Cuban believes that you should put yourself in the shoes of your customer. He believes that in order to do this, you should be able to comprehend the needs and demands of your customer intuitively; in other words, you should know your own business inside and out so that you can best address your customer’s concerns.
One of the most amazing things about technology is the fact that it is in a constant state of change. If you inundate yourself with technology information, your know-how can place you in a unique position. Your knowledge of new tech can elevate you above your competition by leading to new ways or manufacturing product or communicating to your target market.
4. Make Your Job Easy
A lot of business owners come up with ideas and products that sound amazing on paper but are determined to be nearly impossible to execute in real life. Avoid this! Although not all of your plans have to be simple, make sure that they are easy to eventually execute.
5. Be Nice!
You represent your company, so be kind! Although you might’ve never considered it, you are constantly advertising your own brand, whether working or not. Make sure that you are being reasonable in all areas of life so that people don’t avoid your business.
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